Aptar Earnings: Revenue Growth and Margin Improvement Create Solid Start to the Year

Narrow-moat Aptar reported solid first-quarter earnings that were in line with expectations. Revenue was $915 million, or 5% year-over-year core growth, which excludes 1% of currency headwinds. Adjusted EBITDA margin was 19.5%, a respectable 1.7 percentage points better than the same period last year. We maintain our fair value estimate of $147 and view shares as fairly valued.